Union Budget Analysis 2023 – Direct Tax Provisions
Join renowned speaker Darshak Shah as he analyzes the direct tax provisions of the Union Budget 2023 in an insightful webinar hosted by Taxguru Platform. Taking place on February 11th, 2023, from 11:00 AM to 1:00 PM, this webinar will delve into key aspects of the budget’s impact on taxation. Topics covered include changes in…
Discussion on Corporate Tax & Impact of Budget 2023
In this YouTube video, CA Darshak Shah and Kshitij Sheth engage in a comprehensive discussion on the impact of the Union Budget 2023-24 on corporate taxes, the Indian economy, and the financial markets. With the presentation of the budget by the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, on February 1st, 2023,…
WEEKLY UPDATES
1. Companies are set to get alerts and showcause notices from the Registrar of Companies (RoC) whenever they default on a statutory filing obligation. 2. CBDT amends Rule 17 & Form 10 providing accumulation of income by entity approved u/s 10(23C) Notification No. 96/2022, dated 17-08-2022. Under the provisions of the Income-tax Act, trust or…
WEEKLY TAX NEWS/UPDATE
1. Income Tax Window is now open to file Income Tax return for FY 2019-20 and FY 2020-21 if one has missed filing it and for filing updated return if one has under reported income in the tax return filed for these years. With additional tax liability of 50% for FY 2019-20 and 25% for…
Functioning of Local Committees to Deal with Taxpayers Grievances from High-Pitched Scrutiny Assessment
Recently, in the INSTRUCTION F. NO. 225/101/2021-ITA-II, DATED 23-4-2022, The CBDT provided for constitution of ‘Local Committees to deal with Taxpayers’ Grievances from High-Pitched Scrutiny Assessment’ in each Pr.CCIT region. The purpose of constitution of Local Committees is to effectively and efficiently deal with the genuine grievances of taxpayers and help in supporting an environment where…
Beware from Taxman while taking an unsecured loan
Article titled “Beware from Taxman while taking an unsecured loan.” got selected for Publication on Taxguru The article briefly touches on the budget Budget 2022 puts more responsibility on taxpayers in case of loans or borrowings raised. The article can be accessed here: https://taxguru.in/income-tax/beware-taxman-unsecured-loan.html
No Gift Tax on Security Premium in Case of Right Issue
1. The tax office says the issue of shares to existing shareholder @ face value is not allowed 2. Mumbai Tribunal in Sudhir Menon HUF case held that in case of proportionate allotment of shares, there would be no taxability u/s 56(2)(vii)(c)(ii) 3. This is because the gain accruing on the allotment of fresh shares will…
9 Pointers to Know About New Reassessment Regime Under Income Tax
1. Under the new regime reopening is based on Information flagged by risk management strategy & not reasons to believe 2. 148A – mandates AO to enquire about information before issuing of notice u/s 148 3. The word used u/s 148A if required (at the end) suggests that where the information is factually not correct,…
Synopsis of Supreme Court Ruling – Tax on Software Payments
Deciding taxability of the software is currently a challenge, fortunately, Supreme court gave some remarks which will be helpful to decide taxability which is summarised below Decision Engineering Analysis Test of charge ability is relevant for sec 195 DTAA definition refers to “royalty means” and therefore it is exhaustive. Income tax definition has wider coverage…